India's VISA Steel, China's Baosteel Trading Co and Swiss-based VISA Comtrade AG have signed a joint venture agreement in order to set up a 100,000 mt per annum capacity ferrochrome plant in the Orissa region of India.
It is reported that VISA Steel will own a 51 percent stake, Baosteel will hold 35 percent, while VISA Comtrade AG will hold a 14 percent stake in the joint venture.
The construction cost of the plant is estimated at Rupees 2.6 billion ($62.5 million), 65 percent of which will be financed by VISA Steel and VISA Comtrade, with the remaining 35 percent provided by Baosteel.